Market Research Report
5G Satellite Communication Market - A Global and Regional Analysis: Focus on Satellite Solution Type, End User, Orbit, Spectrum Band, Services, and Country - Analysis and Forecast, 2022-2032
|5G Satellite Communication Market - A Global and Regional Analysis: Focus on Satellite Solution Type, End User, Orbit, Spectrum Band, Services, and Country - Analysis and Forecast, 2022-2032|
Published: March 31, 2022
BIS Research Inc.
Content info: 180 Pages
Delivery time: 1-2 business days
“Global 5G Satellite Communication Market to Reach $43,215.4 Million by 2032.”
The 5G satellite communication refers to the integration of next-generation 5G networks with communication satellites. This integration will help realize the true high transmission speed, lower latency, and wider connectivity promised by 5G networks. Integration of satellites will also enable the possibility of implementing virtual networks (network slicing) and providing more adjusted connectivity as per requirements.
At present, the 5G satellite communication market is at a nascent stage with significant growth potential over the forecast period. Companies such as OneWeb, SpaceX, LeoSat, Amazon's Kuiper Project, and others are competing in the new space to enable satellite connectivity for their customers in remote and rural locations.
The global 5G satellite communication market was valued at $2,708.3 million in 2021 and it is estimated to reach $43,215.4 million by 2032, at a compound annual growth rate (CAGR) of 28.12% during the forecast period 2022-2032. The major factor driving the market growth is the need for low latency, high-speed connectivity covering a wide geographic area.
The need for connectivity in distant and rural locations increased more during the Covid-19 pandemic. The travel restrictions, social distance regulations, and the shift to study/work from home practice further highlighted the dire need for faster and higher virtual connectivity in many parts of the world.
The backhaul and tower feed satellite solution type is expected to lead in the 5G satellite communication market over the forecast period. Backhaul and tower feed satellite solutions provide high-speed internet to cell towers with the ability to multicast high and ultra-high design videos and content to a large coverage area across various devices, like, smartphones, smart TVs, and tablets. With the growing number of 5G gadgets and consumer demand to experience the low latency and high-speed 5G connectivity, backhaul and tower feed satellite solution type will lead over the forecast period.
The commercial end user segment is anticipated to dominate the 5G satellite communication market. This is mainly due to the demand for 5G and satellite connectivity in the mobility sectors such as logistics and shipping, automobiles, and commercial aviation.
The low earth orbit (LEO) will experience major traction over the forecast period compared to medium earth orbit (MEO) and geosynchronous earth orbit (GEO). This is mainly because the LEO constellation is being developed by companies across the world comprising thousands of satellites.
During the forecast period, North America is expected to dominate the 5G satellite communication market. The significant presence of key companies highly engaged in developing and providing satellite connectivity and 5G telecom services is a major factor attributing to the region's growth.
The key players in the 5G satellite communication include companies like Inmarsat, Avanti Communications Group PLC, OQ Technology, Chinasat, Thales Group, Qualcomm, and AT&T.
The companies profiled in the report have been selected following in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research, and development initiatives.